Tuesday, January 26, 2021
Home News Reports Narendra Modi government has attached more than 1,600 benami properties worth Rs 4,300 crores...

Narendra Modi government has attached more than 1,600 benami properties worth Rs 4,300 crores till June 30

In a big boost to the fight against the black money, the government has attached more than Rs. 4,300 crores of benami properties in the country.

The income tax department has listed more than 1,600 properties in 14 different cities, which is believed to be valued at Rs. 4,300 crore till June 30. Benami properties are those assets which are bought by an individual not under his or her name. It can include properties which are held in the name of spouse, child or any other family members, for which the amount is paid out of known sources of income.

Minister of State for Finance Shiv Pratap Shukla spoke about various steps taken by the present government to identify benami properties. He said that the income tax department has set up 24 dedicated ‘Benami Prohibition Units’ to get data related to benami transactions across India.

Shiv Pratap Shukla in a written reply in the Rajya Sabha said, “As on June 30, 2018, provisional attachments have been made in more than 1,600 benami transactions involving benami properties valued at over Rs 4,300 crore.”

The Benami Transaction (Prohibition) Amendment Act, 1988 was amended by the present government to provide more teeth to fight against illicit transactions and black money. The new law seeks to prohibit the benami transaction irrespective of the method by which such property, movable and immovable, which can be then acquired. The act prohibits any illegal benami transactions and provides imprisonment up to seven years and fine for violation of the Act which may extend to 25% of the fair market value of the benami property.

It is reported that the tax collections from foreign companies have gone up to Rs 27,561 crore 2017-18, from Rs 24,541 crore a year ago. The minister said that as per the provisions of Income Tax Act, a foreign company is liable to tax all income, whether received or deemed to be received, from any source in India.

Since coming to power, the present government has shown more enthusiasm to fight against this menace. The government successfully implemented demonetization and exchanged the high value noted to inflict damage on a parallel economy run in the country. Recently, the government cracked down more than 16,500 shell companies and has put another 80,000 companies under the scanner.

Recently, the Narendra Modi government has also introduced a reward scheme to clamp down on benami properties. Under this scheme, the person who passes on any specific information related to benami properties will be eligible for a reward up to Rs 1 crore.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

 

Related Articles

Trending now

Hindus must ask now if their religious flag atop Lal Quila would be an acceptable sight

A lasting visual from this Republic Day, would be one of the Sikh flag unfurled atop the Red Fort, by violent Khalistanis

After violence was unleashed on streets of Delhi on Republic Day, ‘farmer’ body thanks ‘farmers’ for ‘unprecedented participation’

Samyukta Kisan Morcha further claimed that despite their efforts, 'some organisations and individuals' violated route and indulged in condemnable acts.

‘Flag of Khalistan is waving on Red Fort,’ ‘Historic Moment’: All Pakistan Muslim League celebrates “Black Day” for India

The All Pakistan Muslim League (APML) is celebrating the hoisting of the 'Khalistan Flag' at Red Fort on Republic Day.

During Delhi Riots, NDTV cropped stones from rooftop of mosques, now it paints violent mobs in tractor rally as humanitarian

NDTV tried to downplay the chaos by claiming that protesters made way for an ambulance that was stuck in Tractor Rally

Protesting mob enters Red Fort, unfurl the Sikh flag, Terrorist outfit SFJ had demanded Khalistani flag to be hoisted: Details

The protestors have hoisted the flag on Red Fort that appears to be the Sikh Flag. Some believe it is the Khalistan Flag.

Watch: So-called farmers deliberately run tractors over police personnel, assault woman officer during tractor rally

A group of protestors have now reached the Red Fort and unfurled a flag there.

Recently Popular

Professor who translated Rahul Gandhi’s “don’t need army if farmers are strong” speech in Erode faints after the speech: Reports

Muhammed Imran, who translated Rahul Gandhi's speech at Erode, collapsed after interpreting the speech from English to Tamil

Protesting mob enters Red Fort, unfurl the Sikh flag, Terrorist outfit SFJ had demanded Khalistani flag to be hoisted: Details

The protestors have hoisted the flag on Red Fort that appears to be the Sikh Flag. Some believe it is the Khalistan Flag.

Is it actor Prosenjit Chatterjee in the portrait of Netaji Subhash Chandra Bose inaugurated by President Kovind? A fact check

It was claimed that it was actor Prosenjit Chatterjee in the portrait of Netaji Subhash Chandra Bose inaugurated by President Kovind.

Ashoka University Assistant Professor mocks Lord Ram while trying to troll President of India over false accusations

Neelanjan Sircar works as an Assistant Professor of Political Science at the Ashoka University and also a also at the Centre for Policy Research.

‘Flag of Khalistan is waving on Red Fort,’ ‘Historic Moment’: All Pakistan Muslim League celebrates “Black Day” for India

The All Pakistan Muslim League (APML) is celebrating the hoisting of the 'Khalistan Flag' at Red Fort on Republic Day.
- Advertisement -

 

Farmer tractor rally: Violence by the mob in Delhi leaves 18 policemen injured, 1 in critical condition

The tractor rally by farmers and Khalistanis in Delhi where they unleashed violence has left 18 policemen injured

Watch: Protestors throw away Tricolour, place Sikh plag on top of flag pole at Red Fort

Disturbing visuals emerge from the tractor rally on Republic Day.

Rahul Gandhi and CPIM use Republic Day insurrection to further their political agenda, demand repeal of farm laws

Sitaram Yechury and Rahul Gandhi are attempting to use the Republic Day violence to further the political agenda of their party.

Tractor rally on R-Day: Not just swords, violent protestors have come loaded with liquor too

Earlier, some violent protestors were seen attacking Delhi Police personnel with swords and trying to run them over with tractors.

Hindus must ask now if their religious flag atop Lal Quila would be an acceptable sight

A lasting visual from this Republic Day, would be one of the Sikh flag unfurled atop the Red Fort, by violent Khalistanis

Swords, mowing tractors and guns: What the Delhi police personnel are facing from rampaging protestors

A protestors was seen waiving automatic rifle in a video shared by Times Now. Speeding tractors are seen trying to run over police personnel.

After fomenting violence, ‘farmer leader’ Rakesh Tikait dismisses reports of mayhem, claims tractor rally is ‘peaceful’

The so-called 'farmers' have been running riot in Delhi, attacking policemen with swords, trying to run them over with tractors and breaking barricades.

After violence was unleashed on streets of Delhi on Republic Day, ‘farmer’ body thanks ‘farmers’ for ‘unprecedented participation’

Samyukta Kisan Morcha further claimed that despite their efforts, 'some organisations and individuals' violated route and indulged in condemnable acts.

‘Flag of Khalistan is waving on Red Fort,’ ‘Historic Moment’: All Pakistan Muslim League celebrates “Black Day” for India

The All Pakistan Muslim League (APML) is celebrating the hoisting of the 'Khalistan Flag' at Red Fort on Republic Day.

During Delhi Riots, NDTV cropped stones from rooftop of mosques, now it paints violent mobs in tractor rally as humanitarian

NDTV tried to downplay the chaos by claiming that protesters made way for an ambulance that was stuck in Tractor Rally

Connect with us

245,563FansLike
496,912FollowersFollow
22,900SubscribersSubscribe